EL7.AI
StocksMedium•4 November 2026•
4 min read

BrasilAgro Posts 81.3 Million Reais in First-Quarter Profit Despite 32% Drop in Adjusted EBITDA

Key Facts

1BrasilAgro posted net profit of 81.3 million reais in the first quarter of 2026/27, compared with a loss of 64.3 million reais a year earlier.
2The company recorded an accounting gain of 50.8 million reais from the sale of 2,593 hectares in September.
3Adjusted EBITDA excluding land sales fell 32% year over year and came in 12% below XP’s estimate.
4Land-sale receivables totaled 626 million reais at the end of September, including 218 million due to be collected over the following 12 months.
5The company estimated grain and cotton production at 439.3 thousand tonnes for the 2026/27 crop.

BrasilAgro posted net profit of 81.3 million Brazilian reais in the first quarter of its 2026/27 financial year, which ended in September, after a loss of 64.3 million reais in the same period a year earlier, according to CNN Brasil. The return to profitability came as the company recorded an accounting gain from the sale of part of the Rio do Meio farm, alongside an improvement in financial income, including an increase in the value of land-sale receivables. But agricultural operating results were weaker than net profit, with adjusted EBITDA excluding land sales down 32% year over year, according to XP Investimentos. XP said the measure also came in 12% below its estimates. The quarter’s results thus combined the company’s return to profitability with weaker operating performance than in the comparable period.

In September, the company sold 2,593 hectares of the Rio do Meio farm in Correntina, in Bahia state, recording an accounting gain of 50.8 million reais, according to CNN Brasil. The transaction’s nominal value was 94.2 million reais, from which a present-value adjustment of 17.2 million reais was deducted, along with the book cost of 26.2 million reais. Revenue recognized from the transaction was 77 million reais. These figures show the difference between the nominal value of the asset sold and the revenue the company recorded after accounting adjustments and deductions. The company had sold another 1,965 hectares of the same farm in November 2022, according to the real estate portfolio published by BrasilAgro.

The quarter’s impact was not limited to the Rio do Meio transaction; BrasilAgro received installments totaling 71.7 million reais from previous land sales during the period ended in September. Its receivables from farm sales stood at 626 million reais at month-end, including 218 million reais expected to be collected over the following 12 months. These receivables reflect cash flows spread across different maturities, while CNN Brasil included their increase among the factors that improved financial income. The collection figures and outstanding amounts provide financial context for the company’s selective land-sale program. They also mean that part of the value of previous sales remained owed to the company at quarter-end.

In agricultural operations, adjusted EBITDA excluding land sales fell 32% year over year and came in 12% below XP’s estimate; the firm said results were below its expectations. CNN Brasil attributed a major part of the decline in adjusted operating EBITDA to derivatives results shifting from a gain of 9.6 million reais in the year-earlier quarter to a loss of 3.4 million reais in the current quarter, as well as lower contributions from soybeans and corn. The shift in derivatives highlights one of the differences between the current period and the year-earlier quarter. XP’s assessment also showed that EBITDA was weak even after land sales were excluded, separating recurring operating performance from the accounting impact of an asset sale. This makes reported net profit a different measure from the direction of agricultural operations during the quarter.

BrasilAgro estimated total grain and cotton production for the 2026/27 crop at 439.3 thousand tonnes, 3% below its initial estimate but 3% above the 2025/26 crop volume. The production estimate places the agricultural season in the context of quarterly results, while differing from profit figures that include the effects of the land sale and financial income. In October, the company approved dividends of 30 million reais, or 0.3012 reais per share, with payment set to begin on November 16, 2026. The previous year’s dividends totaled 75 million reais, or 0.7529 reais per share, according to the investor relations record. The comparison provides context for the size of this year’s announced distribution, while the scheduled payment date in November is the next cash milestone for shareholders.

BrasilAgro is scheduled to hold its earnings call on November 5, 2026, at 3:30 p.m. Brasília time, or 1:30 p.m. New York time, according to an earnings statement published via FinancialFilings. The call follows the announcement of results for the quarter ended in September and is the company’s next scheduled presentation to investors. The announced results cover net profit, the Rio do Meio sale gain, adjusted EBITDA performance and collections related to land sales. The company also set the dividend payment date in advance for November 16. Investors therefore have two announced dates following quarter-end: the earnings call and the start of dividend payments.